Indiana

HERE?S YOUR FIRST WARNING

By Abdul Hakim-Shabazz

Watch out for this one folks, home prices are dropping across the country. Indianapolis won’t be immune to this syndrome either. And remember, the property tax system here is based on fair market value. As home values drop, there is less assessed value. If there is less assessed value that should translate into less money for local governments, but officials can still raise the rates to make up for the loss in assessments. So although your home is worth less, you can still see yourself paying the same amount. Of course all this falls against a backdrop of tax caps. But you still have to consolidate the local governments to avoid increases in your property taxes. Don’t let the reform stop.

Full post as published by Indiana Barrister on March 25, 2008 (boomark / email).